Terminate contract with property management

[Anna L.]

As a first time rental property investor with long distance, I made many mistakes.

Recently, I realized my management company over charged me a lot even though with minor issues and suggested some installation which is not necessary. On top of that it caused lots of miscommunication and I can't trust them anymore. 

So I decided to terminate the contract with current management company and will collect the payment from the tenant directly.

I don't see any term agreement on my contract with the management company.

1. Is it possible to terminate the contract anytime if I want?

2. Any suggestions to collect the payment from the tenant directly?

3. Do they transfer the security deposit and other documents to me? 

I found a general contractor who will fix any issue on the property and I will have maintenance insurance plan. 

Any suggestions or experience would like to share? I'd appreciate that. 

[Nathan Gesner]

Quote from @Anna L.:

The PM Agreement should include instructions for termination notice, along with any potential fees. If it doesn't, then you're pretty free to do what you want. I would be very clear and don't leave anything open for misunderstanding.

Give them 30 days notice of termination, a specific day and time. Instruct them to:

1. Notify tenants of the pending change, in writing;

2. Transfer the deposits to you, separate from any other income owed you

3. Make your final owner payment

4. Send your final owner statement

5. Transfer all tenant documents and communication records: applications, leases, payment ledgers, addenda, emails, texts, etc.

6. Transfer all spare keys and any other personal property belonging to you

If they attempt to fine you for terminating, push back and let them know this is an "at fault" termination and you're not paying a penalty when they failed to perform. If they push back, threaten to file a complaint with the State commission and that will typically get them to back down.

At the same time, send a letter to the Tenants so they know the change is coming. Your letter should include a specific transfer date, time (e.g. "Management will transfer to me at 12:01 AM on September 20, 2022"). Provide them with clear instructions on how to pay rent, communicate with you for ordinary questions or concerns, and how to deal with emergencies.